The Long & Foster Market Minute

Focus On: University City, West Philadelphia, and Overbrook Park Housing Market June 2021

Zip Code(s): 19151, 19131, 19139, 19104 and 19143
Units Sold
152
Active Inventory
337
Median Sale Price
$175,000
Days On Market
23
Up
Vs. Year Ago
Down -2%
Vs. Year Ago
Up 19%
Vs. Year Ago
Down -47%
Vs. Year Ago

Units Sold
There was a decrease in total units sold in June, with 152 sold this month in University City, West Philadelphia, and Overbrook Park Real Estate. This month's total units sold was higher than at this time last year.

Active Inventory
Versus last year, the total number of homes available this month is lower by 7 units or 2%. The total number of active inventory this June was 337 compared to 344 in June 2020. This month's total of 337 is higher than the previous month's total supply of available inventory of 319, an increase of 6%.

Median Sale Price
Last June, the median sale price for University City, West Philadelphia, and Overbrook Park Homes was $147,250. This June, the median sale price was $175,000, an increase of 19% or $27,750 compared to last year. The current median sold price is 5% lower than in May.

Median sale price is the middle sale price in a given month. The same number of properties are above & below the median.


New Listings
245
Current Contracts
152
Sold Vs. List Price
99.1%
Months of Supply
2.2
Up 23%
Vs. Year Ago
Down -10%
Vs. Year Ago
Up 2.4%
Vs. Year Ago
Down -39%
Vs. Year Ago

Months of Supply
In June, there was 2.2 months of supply available in University City, West Philadelphia, and Overbrook Park, compared to 3.7 in June 2020. That is a decrease of 39% versus a year ago.

Months of supply is calculated by dividing current inventory by current sales. It indicates how many months would be needed to sell all of the inventory available at the current rate of demand.

New Listings & Current Contracts
This month there were 245 homes newly listed for sale in University City, West Philadelphia, and Overbrook Park compared to 199 in June 2020, an increase of 23%. There were 152 current contracts pending sale this June compared to 169 a year ago. The number of current contracts is 10% lower than last June.

Sale Price to List Price Ratio
In June, the average sale price in University City, West Philadelphia, and Overbrook Park was 99.1% of the average list price, which is 2.4% higher than at this time last year.

Days on Market
This month, the average number of days on market was 23, lower than the average last year, which was 43, a decrease of 47%.

The Long & Foster Market Minute University City, West Philadelphia, and Overbrook Park are defined as properties listed in zip code/s 19151, 19131, 19139, 19104 and 19143.
*Detached, Attached, and Condo varies by local area Multiple Listing Service (MLS) definition. For more information regarding your specific market, contact one of Long & Foster's knowledgeable and experienced sales associates.
REALTOR, Equal Opportunity HousingInformation included in this report is based on data supplied by BRIGHTMLS and its member Association(s) of REALTORS, who are not responsible for its accuracy. Does not reflect all activity in the marketplace. Information contained in this report is deemed reliable but not guaranteed, should be independently verified, and does not constitute an opinion of BRIGHTMLS or Long & Foster Real Estate, Inc.